Letko Brosseau & Associates Inc. Decreases Stock Holdings in Teck Resources Limited (NYSE:TECK)

Letko Brosseau & Associates Inc. lessened its holdings in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 16.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,523,438 shares of the basic materials company's stock after selling 296,558 shares during the period. Letko Brosseau & Associates Inc. owned 0.31% of Teck Resources worth $61,734,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Stonebridge Financial Group LLC bought a new position in shares of Teck Resources during the fourth quarter valued at $25,000. FPC Investment Advisory Inc. purchased a new position in Teck Resources in the 4th quarter worth about $27,000. Global Trust Asset Management LLC bought a new position in Teck Resources during the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Teck Resources during the 3rd quarter valued at about $40,000. Finally, Community Bank N.A. bought a new stake in shares of Teck Resources in the fourth quarter worth approximately $33,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TECK has been the subject of several research analyst reports. Veritas raised Teck Resources to a "hold" rating in a report on Friday, April 11th. BMO Capital Markets initiated coverage on Teck Resources in a research note on Wednesday, April 16th. They set an "outperform" rating for the company. JPMorgan Chase & Co. decreased their price target on shares of Teck Resources from $50.00 to $41.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. National Bankshares upgraded Teck Resources from a "sector perform" rating to an "outperform" rating in a research note on Thursday, April 24th. Finally, Raymond James lowered their target price on Teck Resources from $75.00 to $70.00 and set an "outperform" rating on the stock in a research report on Wednesday, January 22nd. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.11.

Teck Resources Price Performance

Shares of NYSE TECK traded down $0.92 during mid-day trading on Wednesday, reaching $37.05. The company's stock had a trading volume of 3,424,730 shares, compared to its average volume of 3,149,867. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. Teck Resources Limited has a 52 week low of $28.32 and a 52 week high of $55.13. The stock has a fifty day moving average of $36.17 and a two-hundred day moving average of $40.98. The firm has a market capitalization of $18.26 billion, a PE ratio of 67.36 and a beta of 0.79.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.18. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The firm had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $2.19 billion. During the same quarter last year, the business posted $0.75 earnings per share. The company's revenue for the quarter was up 41.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a $0.0901 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.36 annualized dividend and a yield of 0.97%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's payout ratio is presently 58.62%.

Teck Resources Profile

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.